As fall starts, you will probably see fewer for-sale signs around your neighborhood. If you think the change in season and the drop-off in signs are proof you missed your chance to buy this year, think again. There are a number of surprising, powerful reasons why fall is great time to buy your dream home.
1. Less Competition.
Looking for a new home in the fall automatically means you avoid all the families committed to moving in before school starts. It’s a calmer market; there are fewer homes available, but there is also much less competition around given properties. Especially if you are hoping to move into a competitive neighborhood, waiting for fall increases the likelihood that a seller will notice your bid.
Fewer buyers on the market also increases the chances of your offer getting accepted, it also puts you in a much better negotiating position. With fewer buyers on the market, it is harder for sellers to ignore buyers’ requests.
2. Sellers Are Motivated to Compromise.
If you are searching for a new home in the fall, you are likely to meet sellers whose homes have been sitting on the market since the summer or even the spring. After months without success, these sellers are motivated to close a deal. With the specter of holding on to the property until spring, many sellers are willing to take a lower offer or compromise on certain details.
3. Tax Breaks!
Even if you close your home in December, you can still deduct your mortgage interest and your property tax from your whole year income. Any payments made prior to the end of the year are tax deductible. Buying a home in the fall can still have a major impact on your end-of-the-year tax costs.
4. Realtors Have More Time.
A good agent gives you top-quality service every day of the year, but even the best agent can get overwhelmed at the peak of the summer season. If you wait to buy until the fall, real estate agents will have more time to focus on your personal situation. You will get the specialized attention you need to make a great purchase.
The other professionals you work with when buying a house also have more time in the fall. Movers, for example, usually experience more delays and service issues in the summer.
5. Fall Is a Great Time to Outfit a New Home.
You are bound to want to make some changes once you purchase your new home, and that means you will have to spend money on furniture, rugs, paint, appliances and the like. Wouldn’t it be great to buy your home when these products are most likely to be on sale? Consumer Reports has found that fall is a great time to buy all these things. September is great for buying carpets and paint. In October, lawn mowers and other outdoor care tools go on sale. Appliances and cookware are often cheaper in November.
Bottom Line: Despite the common wisdom that spring and summer are the best times to buy a home, fall has a lot to offer. Don’t give up on the idea of buying a home this year just because the weather is starting to cool.